US Republicans from both houses of Congress have revealed their joint bill for the biggest overhaul of the country's tax system in 30 years.

The plan brings the US corporate tax rate down to 21 % from the current 35 %.

The top individual income tax drops to 37% from nearly 40 %.

Democrats have argued that the tax cuts will favour only the rich and offer little to the middle class.

This measure which is quite important for the political future of the Republicans will add 1.5 billion dollars to the national debt of the U.S.